Omnia MarketsDeveloper · Saudi Arabia
Saudi Downtown Company projects advance with Sumou in Khobar.
Argaam said three 48-month pacts cover mid-rise plots and a high-rise tower inside the Khobar scheme, with land from the PIF unit.
On 2 November 2026 Argaam reported fresh Saudi Downtown Company projects in Khobar: Sumou Real Estate and the PIF subsidiary Saudi Downtown Co. struck three pacts, each lasting 48 months, to develop, build, market and sell two residential schemes inside Khobar Downtown. Al Arabiya’s Arabic headline the same day said Sumou had signed two deals with the firm for Khobar projects.
Argaam put the first plot at 28,346 sqm north of the Boulevard for mid-rise homes, a second high-rise tower on 4,800 sqm, and a third mid-rise scheme on 28,292 sqm south of the Boulevard. Asharq Al-Awsat described one residential project of 4,827 m² signed on Sunday. Saudi Downtown supplies the land; Sumou invests partly and funds the rest from off-plan sales. Fees cited by both outlets are 6.5% of development costs, 2% of sales and a 32% net-profit share. Start dates and unit counts were not given.
From the JournalRiyadh vs Jeddah: where to live, and what changes by neighbourhood.Our take
Omnia Desk
More Khobar Downtown stock is coming; freehold rules and our price bands stay put.
The pacts widen the residential pipeline buyers may watch in Khobar, not a rewrite of who may own what. Saudi Downtown Company projects of this type still sit under the same non-Saudi map and fee stack we already track; nothing in the filings changes freehold zones or the exit charges.
Omnia’s Eastern Province list still runs on other names. Catalogue off-plan homes sold under Wafi start from SAR 266,799 to SAR 3,619,000 across thirteen schemes, with completed stock from SAR 579,000 to SAR 2,999,000. Sumou is not among the developers we list today, so treat these towers as fresh supply to diligence later, not a substitute for our guide to non-Saudi zones checks or live Wafi escrow terms on schemes we already sell.
Sources
About Omnia Markets- 1Al Arabiya (Arabic) · 2 November 2026"سمو العقارية" توقع اتفاقيتين مع "داون تاون السعودية" لتطوير مشروعين في الخبر(opens in a new tab)
- 2Argaam · 2 November 2026Sumou inks 2 deals to develop, sell residences in Khobar Downtown(opens in a new tab)
- 3Asharq Al-Awsat · 2 November 2026Sumou Real Estate and Saudi Downtown to Develop Residential Project in Al Khobar(opens in a new tab)
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